House prices ultimately depend on the economy. Facts: China is reducing. They have overpumped their economy with surplus everything. Australia will suffer some downturn. NZ will suffer further downturn. By how much, who knows. But as it trickles across, who knows how fe buyers there will be and how many seller who finally have to sell because their businesses can no longer sustain the repayments. The banks and government and REINZ are doing a good job at hiding the situation and inducing the ignorant into buying too high.